In each of the following examples, name the factor that affects demand and describe its impact on your demand for a new cell phone.
a. You hear a rumor that a new and improved model of the phone you want is coming out next year.
b. Your grandparents give you $500.
c. A cellular network announces a holiday sale on a text-messaging package that includes the purchase of a new phone.
d. A friend tells you how great his new cell phone is and suggests that you get one, too.